1. Heat oil in a large skillet over medium-high heat. Add chorizo, garlic, shallots, and banana peppers and sauté until caramelized. Deglaze skillet with wine until reduced by half. Then turn off heat and stir in butter. Set aside.
2. Fill a straight-sided skillet with about 1-inch of oil and heat oven medium. Season flour generously with blackening spice. Dredge calamari in seasoned flour. Fry calamari in canola